How many wells fargo branches

New players in the space such as Ally Bank have sprung up without any physical locations for customers to transact. Online banking customers deposit checks by snapping a picture, get their cash at ATMs and open new accounts from their phone or computer. And without having to pay to operate physical locations, online banks are often able to offer higher interest rates and lower fees on deposit accounts than their traditional competitors.

You can have accounts with both online-only and traditional financial institutions and easily transfer funds between the two, McBride says. Wells Fargo still leads Chase for the most branches, even though it has around fewer branches as of June 30, , compared with a year earlier.

But everybody saw increased utilization. Wells Fargo and JPMorgan are certainly trying to create seamless omnichannel experiences by balancing out their large brick-and-mortar presences with growing suites of digital offerings. Although both financial institutions consolidated their locations in recent years, Wells Fargo is shrinking at a faster pace than its closest competitor. Chase has expanded its presence, according to FDIC data.

As of June 30, the bank was in 29 states. Wells Fargo boasts serving one in three households in the United States. How We Make Money. Matthew Goldberg. Written by. Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Edited By Brian Beers. Edited by. Brian Beers. Brian Beers is the senior wealth editor at Bankrate.

He oversees editorial coverage of banking, investing, the economy and all things money. Share this page. Bankrate Logo Why you can trust Bankrate. Bankrate Logo Editorial Integrity. Key Principles We value your trust. Who we are. Corporate social responsibility "Creating solutions for stronger communities. Diversity "We want employees to feel comfortable and enjoy being part of our community, knowing they can build a career here.

Accessibility "We can help with accessibility assistance during the application process. The bank closed more than branches last year, but still finished the year with more than 5,, the most in the United States.

On a conference call with Wall Street analysts, Wells Fargo execs pinned the closings on Americans' increasing preference for online and mobile banking. But analysts also see a link to Wells Fargo's infamous legal troubles. The legal costs stem from the bank's fake-account debacle , investigations into pre-crisis mortgages and "other consumer-related matters.

Those mounting expenses have unnerved Wall Street. Related: Wells Fargo's legal troubles down out huge tax windfall. Another problem: Wells Fargo's branches likely aren't the profit machines they were before the scandal.